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Radius Gold Options the Coyote Property, Elko County, Nevada
VANCOUVER, British Columbia, March 21, 2018 (GLOBE NEWSWIRE) -- Radius Gold Inc. (TSX-V:RDU) is pleased to announce that Radius has been granted a lease and opt
About this update from Radius Gold Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, March 21, 2018 (GLOBE NEWSWIRE) -- Radius Gold Inc. (TSX-V:RDU) is pleased to announce that Radius has been granted a lease and option to purchase on the Coyote gold property from Geologic Services Inc. (“Geologic”), adding to Radius’s portfolio of epithermal gold projects in Nevada. The project is located in northern Elko County on the eastern flank of the Independence Valley, an area known for its prolific gold production. The Coyote property consists of 58 unpatented mining claims located on the east side of a Tertiary basin. Chalcedonic lenses and siliceous sinter deposits are localized along north-east trending normal faults that form the basin boundary and have been traced along strike on the property for 8,500 feet. The alteration extends into the hillsides for 2,000 feet. In 1990, Chevron Resources drilled the Coyote property as part of their Independence Valley district program. They drilled four angle holes each approximately 800 feet apart, along one of the bounding structures of the basin in the area of the largest siliceous sinter terrace. The holes ranged from 240 feet to 500 feet deep maximum depth. All four holes encountered an altered structural zone ranging from 40 feet to 100 feet thick exhibiting strong argillic alteration with the rock mostly altered to clay. Geochemical results of Chevron’s drilling returned anomalous values in mercury (high of 19 ppm), antimony (high of 1,900 ppm) and arsenic (high of 910 ppm) with weak gold values (high of 93 ppb) – geochemical results consistent with the top of a low-sulfidation epithermal gold system. The deepest drill hole intercepted the structural zone at 125 feet below surface. The results described above are summarized from historical exploration data provided to Radius by Geologic. Radius believes the historical work was performed according to best practices and the historical exploration data are reliable, but a Qualified Person has not verified the results independently. Radius plans to conduct due diligence and exploration field studies this spring and summer on the Coyote property, including surface prospecting and alteration mapping, and a geophysical CSAMT survey. The latter will investigate the subsurface along the range-bounding fault in the vicinity of the siliceous sinters for ...